Canada’s law firms and lawyers have reason to be happy, as the country’s College of Applied Arts and Technology’s (CAAT) DBPlus pension plan is now available to them, thanks to a partnership deal between the CAAT and the Canadian Bar Insurance Association.
It’s been the topic of discussion, with pages with big ‘by clicking here’ headers talking about Canada’s law firms joining the DBPlus pension plan, the CAAT’s initiative that works to provide pension plans to people in the country’s law industry.
The new affinity program between the CAAT and the CBIA will make it easier for people in the country’s law industry, including office support staff and even non-legal professionals, to join DBPlus which, in turn will make it easier for them to get a pension plan set up for themselves.
Lawyers Financial, the CBIA’s subsidiary in charge of providing financial needs and advice to the Canadian legal community, will be working with employers interested in the DBPlus plan, explaining its features, benefits, and limitations, as well as determining how eligible they are for the plan.
The CAAT issued a statement on the matter, which they even highlighted on their site with a bold call to action, ‘by clicking here’ and all, saying that this agreement is the first of its kind for DBPlus.
DBPlus Chief Executive Officer and Plan Manager Derek Dobson stated that this fresh new approach is an exciting one for the CAAT, as this affinity program, made possible with cooperation with Lawyers Financial, will allow them to provide secure lifetime pensions to people working in Canada’s legal industry.
CBIA/Lawyers Financial President and CEO Dawn Marchand stated that a lot of people in the Canadian legal industry don’t have any pension whatsoever, and that providing people with access to DBPlus is a good thing, as it meets a lot of the requirements of what they see as a good retirement income.
One of the newer firms to join DBPlus, Wright Henry LLP, stated that the ability to join the CAAT is a great chance for smaller law firms in Canada to offer their employees proper pension plans, which every good law firm should do, in their opinion.